Most small business owners have heard the term. Very few have thought much about it. It sounds like an accounting technicality. Something that gets set up once when you start using Xero or MYOB, and then quietly sits there in the background doing whatever it does. Here is the thing though. Your chart of accounts is not a background detail. It is the structure that determines whether your financial reports tell you anything useful or just confirm that money came in and money w

If you work from home, even part of the time, you have probably wondered what you can do with those costs at tax time. The honest answer is it depends on your situation, and your registered tax agent is the right person to walk you through what applies to you. What we can tell you is what records to keep so that when that conversation happens, you have something to support it. Start with your hours Whatever approach applies to you, a record of the hours you worked from home

The instant asset write-off has been extended for the 2025–26 financial year, which is great news for small businesses planning to invest in equipment, tools or technology. If used correctly, it allows you to claim an immediate deduction rather than depreciating the asset over several years. But timing and eligibility matter. We’ve seen businesses miss out simply because one requirement wasn’t met. Before you make your next purchase, work through this simple checklist. Is Y